*This release is a revised version of the announcement distributed at 8:30am EDT on June 04, 2024 by Phunware, Inc.* AUSTIN, Texas, June 04, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ:PHUN, "Phunware" or the "Company"))) today announced that it has filed a prospectus supplement to its existing shelf registration statement on Form S-3 (File No. 333-262461) (the "Registration Statement") with the Securities and Exchange Commission (the "SEC"), under which it may offer and sell shares of its common stock ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government. S ...

AUSTIN, Texas, June 04, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (Nasdaq: PHUN, "Phunware"), the leading provider of patented wayfinding and mobile engagement solutions that enables brands to engage, manage and monetize anyone anywhere, today announced that it has entered into an Equity Distribution Agreement with Canaccord Genuity LLC, as representative of the several agents named on Schedule 1 thereto, pursuant to which Phunware may offer and sell, from time to time, shares of its common stock, for aggrega ...

AUSTIN, Texas, June 04, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (Nasdaq: PHUN, "Phunware"), the leading provider of patented wayfinding and mobile engagement solutions that enables brands to engage, manage and monetize anyone anywhere, today announced that it has entered into an Equity Distribution Agreement with Canaccord Genuity LLC, as representative of the several agents named on Schedule 1 thereto, pursuant to which Phunware may offer and sell, from time to time, shares of its common stock, for aggrega ...

Phunware (PHUN) closed the last trading session at $7.04, gaining 2.9% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $18.50 indicates a 162.8% upside potential. The average comprises four short-term price targets ranging from a low of $12 to a high of $25, with a standard deviation of $5.45. While the lowest estimate indicates an increase of 70.5% from the current price level, th ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37862 PHUNWARE, INC. (Exact name of registrant as specified in its charter) | Delaware | 30-1205798 | | | --- | --- | --- | | (State or other ...

Phunware, Inc. (NASDAQ:PHUN) Q1 2024 Earnings Conference Call May 9, 2024 4:30 PM ET Company Participants Mike Snavely - CEO Troy Reisner - CFO Conference Call Participants Dylan Dupuis - Roth Capital Partners Scott Buck - H.C. Wainwright & Co. Howard Halpern - Taglich Brothers Edward Woo - Ascendiant Capital Markets Operator Good afternoon, ladies and gentlemen. Welcome to Phunware's first-quarter 2024 investor conference call. Currently, all participants are in listen-only mode. Joining me today are Mike ...

Financial Performance - Adjusted gross profit for the year ended December 31, 2023, is $2,133,000, a decrease from $3,719,000 in 2022, with adjusted gross margin dropping to 44.1% from 57.0%[268]. - Gross profit for 2023 is reported at $1,686,000, down from $3,509,000 in 2022, reflecting fluctuations in revenue and associated costs[271]. - Net revenues for the year ended December 31, 2023, decreased by $1.7 million, or 25.9%, to $4.8 million compared to $6.5 million in 2022, primarily due to decreased PhunToken sales[288]. - Gross profit for the year ended December 31, 2023, decreased by $1.8 million, or 52.0%, to $1.7 million, attributed to the decline in PhunToken revenue[289]. - Total operating expenses increased by $19.8 million, or 72.0%, to $47.4 million for the year ended December 31, 2023, driven by a $25.8 million impairment of goodwill[290]. - The company recorded an impairment of goodwill of $25.8 million for the year ended December 31, 2023[294]. - Other income for 2023 was $3.8 million, primarily due to a $5.3 million gain on the sale of digital asset holdings, offset by interest expenses[295]. - Net cash used in operating activities was $18.4 million for the year ended December 31, 2023, resulting from a net loss of $41.9 million[309]. - The company expects to continue generating operating losses and negative cash flows in the foreseeable future, despite recent financing events[304]. Backlog and Revenue - As of December 31, 2023, backlog is $2,750,000, down from $3,824,000 in 2022, while deferred revenue decreased to $1,909,000 from $2,805,000, resulting in total backlog and deferred revenue of $4,659,000 compared to $6,629,000 in 2022[261]. - Approximately 40% of the backlog as of December 31, 2023, is expected to be invoiced within the subsequent 12-month period, primarily due to the typical one to three-year length of contracts[259]. - Revenue consists of software subscriptions, application development services, and application transactions, including in-app advertising and PhunToken sales[272]. - The company’s revenue is primarily derived from platform subscription fees and application development and support fees, recognized when control is transferred to customers[321]. Management and Strategy - The company does not expect to be profitable in the near future, indicating a focus on long-term growth through continued investment in product development and market expansion[257]. - The company plans to continue investing in the expansion of its marketing and sales capabilities to enhance its product offerings and customer engagement globally[257]. - The company has entered into a separation agreement with former CEO Russell Buyse, effective October 25, 2023, and appointed Michael Snavely as the new CEO on the same date[255][256]. Financing and Cash Flow - The company sold an aggregate of 2,696,000 shares of common stock, raising approximately $22.6 million in gross proceeds[302]. - The company has a common stock purchase agreement with Lincoln Park Capital Fund, allowing for the sale of up to $30 million in shares over 24 months[301]. - The company raised net proceeds of approximately $10.5 million from various sales of common stock in 2023, offset by $5.0 million in payments on the 2022 Promissory Note[312]. - The company acquired $8.1 million of cash from financing activities in 2022, primarily from $11.8 million in proceeds from the 2022 Promissory Note and $4.3 million from the sale of common stock[313]. Discontinued Operations - The company committed to a plan to discontinue and wind down the operations of Lyte on November 1, 2023, which meets the criteria for classification as a discontinued operation[327]. Operational Expenses - Operating expenses are expected to increase as the company grows, particularly in sales and marketing, general and administrative, and research and development[280][282][283]. - Rent expense under operating leases for continued operations totaled $0.8 million and $0.9 million for the years ended December 31, 2023 and 2022, respectively[315]. Contractual Obligations - The company’s contractual obligations as of December 31, 2023, totaled $751,000, with payments due in various time frames[316].

Phunware, Inc. (NASDAQ:PHUN) Q4 2023 Earnings Conference Call March 12, 2024 4:30 PM ET Company Participants Mike Snavely - Chief Executive Officer Troy Reisner - Chief Financial Officer Conference Call Participants Darren Aftahi - ROTH MKM Scott Buck - H.C. Wainwright Ed Woo - Ascendiant Capital Howard Halpern - Taglich Brothers Operator Good afternoon, ladies and gentlemen, and welcome to Phunware's Fourth Quarter and Full Year 2023 Investor Conference Call. Currently, all participants are in a listen-onl ...

Phunware Reports Full Year 2023 Financial Results AUSTIN, Texas, March 12, 2024 – Phunware, Inc. (NASDAQ: PHUN) ("Phunware" or "the Company"), the leading provider of patented wayfinding and mobile engagement solutions for mobile that enables brands to engage, manage and monetize anyone anywhere, today announced financial results for the year ended December 31, 2023. "Our company today is dramatically stronger than the one we talked about in November," said Mike Snavely, CEO of Phunware. "With management ch ...